Tags: paypal | president | hacked

PayPal President Hacked; Credit Card Used for Illegal Shopping Spree

Image: PayPal President Hacked; Credit Card Used for Illegal Shopping Spree PayPal President, David Marcus.

Wednesday, 12 Feb 2014 06:13 PM

By Ken Mandel

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PayPal President David Marcus had his credit card information hacked and stolen and used to make illegal purchases.

According to USA Today, Marcus said the card was probably compromised while he was on a trip to the United Kingdom, at the hotel he stayed at, or at a store he visited.

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A skimmer is an electronic device that can be attached to the front of an ATM or a point-of-sale terminal that steals credit and debit information from customers when they use them.

Despite the violation, Marcus took the opportunity to praise his company's security methods. PayPal says it doesn't share financial details with merchants when consumers use the service for purchases.

According to the company’s website, PayPal "gives people simpler ways to send money without sharing financial information." They have 143 million active accounts in 26 currencies around the world, and processes more than 9 million payments every day, the site claims.

PayPal is trying to expand its portfolio to physical locations.

Recently, U.S. retailer Target was hit with such an attack, and up to 40 million accounts were affected.

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